Worldwide EV battery firm to create $121M XRP treasury, provides former Ripple to board as chairman
VivoPower Worldwide introduced on Might 28 that it had agreed with traders for a $121 million personal capital increase to fund the corporate’s transition into an XRP-focused treasury platform.
The corporate focuses on electrical batteries, automobiles, and solar energy options. Its subsidiary, Tembo, produces electrical automobiles targeted on “ruggedised electrical mobility” for the mining and industrial sectors.
The transaction entails promoting 20 million unusual shares at $6.05 every, exceeding the earlier market shut of $6.04. His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud led the spherical.
The providing contains participation from institutional digital asset traders, the funding workplace of VivoPower Chairman Kevin Chin, and different strategic stakeholders.
The funds will likely be used primarily to build up XRP and develop infrastructure that helps the XRP Ledger (XRPL) for real-world DeFi use circumstances. VivoPower can even allocate capital to scale back debt and assist company operations.
The corporate views the treasury as complementary to the lately introduced Strategic Bitcoin Reserve and Digital Asset Stockpile initiatives by the US authorities, which reportedly contains XRP as one in every of 5 core digital property.
Board growth alongside $121M XRP treasury
Adam Traidman, a former Ripple board member, has invested within the spherical and joined VivoPower’s board of advisors as chairman.
Traidman cited the energy of the XRPL ecosystem and stated the transfer displays broader institutional adoption of blockchain infrastructure.
Chairman Kevin Chin emphasised that VivoPower’s determination stems from firsthand expertise with cross-border funds and the friction they create.
Chin stated the corporate sees sensible blockchain purposes inside its electrical car unit, Tembo, and mining infrastructure arm, Caret Digital. Each subsidiaries are scheduled for spin-off by the tip of the third quarter.
The personal providing is contingent upon shareholder approval, which will likely be sought at a gathering scheduled for June 18 or shortly thereafter.
The deal additionally requires achievement of customary situations, together with the absence of fabric adversarial adjustments or termination of the acquisition agreements.
